Information

This barrier is unrelated to the end of the transition period, following the United Kingdom's departure from the EU.

Public ID: PID-GY56EG

Overseas financial technology (fintech) firms are excluded from sandbox schemes in South Korea

in South Korea

Trade barrier summary

The South Korean Financial Regulatory Institution has enacted a special act to support financial market innovation and grants a regulatory waiver through a regulatory sandbox programme for fintech operators. However, according to the act, the right to apply for the programme is granted only to financial firms already registered in South Korea or to legal entities established in South Korea.

No applications are granted to foreign fintech companies if they are not yet registered in the country, which means the opportunity for foreign firms to test before establishment in South Korea is limited.

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Sectors affected

• Financial and professional services

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Resolved

No

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Date reported

20 December 2019

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Last updated

17 December 2020

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Public ID

PID-GY56EG

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